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Aspects of the CARD act that still seem hidden

[Tuesday, September 13th, 2011]

It has been two years since the time the Credit Card Accountability, Responsibility and Disclosure Act came into effect. Despite this, there are a lot of facts about this act that are still hidden. Here are a few important ones that every person needs to be aware of.

First of all, the CARD Act does not levy a cap on the interest rates that banks can charge on the credit cards. The Act can only prevent the banks from increasing the rates arbitrarily, like in the past. Linda Sherry, a financial analyst with a leading company, says that most people wrongly assume that the CARD Act curbs the interest rates on the card. This is, however, not true. She says that the best cards with the best terms are advertised and issued only to people with good credit history. Those with a poor credit score are left to the mercy of the banks that can take advantage of their plight by charging sky high interest rates.

Unlike what many people think, the CARD Act does not prevent credit card companies from marketing their cards to college students. It has only levied certain restrictions that have curbed the aggressive marketing tactics that credit card lenders resorted to in the past. Today, students below the age of 21 have to either produce proof of sufficient income to cover the costs of the credit card or get a parent to co-sign on the application form. Also, the Act stipulates that lenders cannot entice students with freebies to sign-up for their cards.

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New Business Card From U.S. Bank Offers Value Where It’s Most Needed
[October 13th, 2018]

Most people are familiar with rewards credit cards that give members bonus cashback in certain categories that change each quarter. But U.S. Bank’s new business credit card will let companies earn more rewards by offering the biggest bonuses in categories where they spend the most each statement period.

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Propel Card From Wells Fargo And American Express Offers Triple Reward Points
[July 16th, 2018]

Wells Fargo and American Express have announced changes to their no-annual-fee Propel card, making it an even better deal for customers who use streaming video services, order food and go out to restaurants, and travel frequently.

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New Chase Credit Cards Offer Big Rewards For Travelers
[April 18th, 2018]

There are two new rewards credit cards available for travelers who want to collect extra points when checking in to their favorite hotels. The IHG Rewards Club Premier card and the IHG Rewards Club Traveler card from Chase Card Services offer reward points, free anniversary nights, elite membership stats, no foreign transaction fees, and more.

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